7 Simple, Free Moves Guaranteed to Make You Richer

Some of us think wealth is unattainable. Hard work is expected, but building a fortune isn’t on our radar of possibilities.

We believe the rich will get richer, and the rest of us will stay right where we are — unless, of course, we slide backward.

But such pessimism is unwarranted. It may not happen overnight, but people of moderate means can and do leverage their dollars to build wealth over time.

The best news? Some of the most effective tactics for achieving wealth don’t cost a dime.

Here are seven crucial steps to getting richer over time.

1. Set a goal

It isn’t enough to simply say, “I want to invest in real estate.” That’s more of a pipe dream than a goal. You need to create a road map to get you from here to wherever it is you want to be.

For example, if you are considering investing in real estate, take concrete steps to learn more about what it will take to reach your goal. Such steps might include:

Educating yourself about the local rental market, such as learning about current vacancy rates and how much rent you can charge per month.

Determining how much money it will take to get your dream off the ground.

Figuring out how long it will take to set that cash aside.

Researching avenues that can help you achieve your dream, such as buying foreclosed properties at auction.

2. Create a budget

Create a budget that will get you to the goal you have set. Figure out how much you pay for necessities — a mortgage or rent, your monthly food bill and other such costs — as well as optional purchases you make each month.

Then, subtract any extras — for example, keep basic cable but eliminate pay-per-view movies. Or, budget for a month’s worth of groceries but drop all but an occasional night out for a restaurant meal.

Once you know your true expenses, subtract that figure from your take-home pay. That should give you a better idea of how much you will have available to save for your wealth-related goal.

3. Track expenses

Budgeting is important, but your spending estimates may not be as accurate as you think. Check your numbers by tracking expenses for at least one month. This will show you exactly where your money is going.

Once you start tracking your daily expenses, you might be surprised to find that $300 a month is dribbling away on small, inconsequential purchases — apps, lunches out, magazines, music downloads — that you previously overlooked.

Decide to cut such purchases in half, and you’ll have an extra $1,800 a year for your wealth-building goals.

Our partner You Need a Budget can help you both track expenses and find ways to reduce costs. Note that this doesn’t have to mean massive deprivation — instead, it is simply a smarter use of available funds instead of blindly pitching dollars at wants and needs.

4. Live below your means

This doesn’t mean you can’t ever have fun again. But you have to weigh the opportunity cost of each splurge. The more you live below your means now, the wealthier you are likely to become in the future.

5. Nix any debt

If you have money left over each month, you definitely should save it — unless you have debt. In that case, it often makes more sense to use any “extra” money to pay off current obligations instead of saving or investing it.

Remember, living according to the “minimum payment due” philosophy is guaranteed to keep you in shackles. Instead of merely paying the minimum, pay as much as you can toward your bills so you never have to pay interest again.

Once the debt is gone, your new budget should keep you from falling back into the red.

6. Negotiate ways to raise pay and lower costs

A powerful way to build wealth is to increase the amount of money coming in while decreasing the amount going out.

With that in mind, negotiate a pay raise. If possible, lay the groundwork now to get a raise in the new year.

Just as important, keep finding ways to lower expenses so you are squeezing more money from your paycheck. You’d be surprised at what’s potentially negotiable:

Medical care: Some doctors and dentists will give you a discount if you pay cash at the time of service.

Credit card interest: If you’ve been making payments on time and have a decent credit score, ask the cardholder to lower your interest rate. And while you’re at it, stop by our Solutions Center and look for a better deal on a credit card — such as one that pays rewards.

The cable bill: Call up the provider and ask for a lower rate. Emphasize your other options, such as switching to competing cable companies or dropping cable in favor of Netflix and Hulu.

7. Think past today’s needs

Eventually, you will get used to the new, more frugal lifestyle. But even as you bask in the glow of your savings success, it can be tempting to slip back into old patterns.

When that temptation arises — and it will — remember to think past today’s needs, and to focus instead on tomorrow’s wealthier future.

This is a crucial attitude adjustment. Stop thinking you have to have everything you want as soon as you want it. An “instant gratification” attitude is a huge impediment to building wealth.

Instead, continue to look for ways to trim expenses large and small. For example, since shelter is another huge chunk of most people’s budgets, maybe it’s time to look for a cheaper place to live. Other ways to save include:

Sign up for our free newsletter!

A former newspaper journalist, Donna Freedman has been a staff writer for MSN Money and Get Rich Slowly, and freelanced for a wide variety of online and print publications. She got a ... More

A former newspaper journalist, Donna Freedman has been a staff writer for MSN Money and Get Rich Slowly, and freelanced for a wide variety of online and print publications. She got a college degree at age 52 (better late than REALLY late) on full scholarship. Now she lives and writes the frugal life in Anchorage, Alaska, and blogs at DonnaFreedman.com.

Find the best:

Gillette.com offers its Gillette Men's SkinGuard Razor Sample for free with free shipping after you fill out this form. This newly launched men's razor is specifically designed for men with sensitive skin and razor bumps. You'd pay about $7 for one of these razors in your local drugstore. Note that it's unclear how many samples are available.

Gillette.com offers its Gillette Men's SkinGuard Razor Sample for free with free shipping after you fill out this form. This ... Read
more.

Updated: December 30, 2018

Wish you could afford a Van Gogh piece? Well, you're in luck. Kind of. The Van Gogh Museum again offers a selection of Van Gogh High-Resolution Digital Print downloads for free. This is pretty much the same as owning an original, right? Well, those are valued at $100 million and aren't for sale. However, you could always print these out and hang them on the wall to achieve the illusion of grandeur. And isn't that what life's all about? The illusion of grandeur.

For in-store pickup only, Lowe's offers the Holiday Living 25-Foot Extension Cord for $3.49. Opt for in-store pickup to dodge the $5.99 shipping fee. That's $10 off and the lowest price we could find. Deal ends January 4. Update: Note that pickup availability may now vary by ZIP code.

Home & Cook takes 40% to 85% off a selection of All-Clad factory-second cookware during its VIP Factory Seconds Sale. (Enter your email address to view the sale.) Plus, all orders receive free shipping. (It's advertised as $5.95 flat-rate shipping, but it's not currently charging for it.) That yields huge savings on this cookware, with many items costing only a fraction of the price most major retailers charge. Note: These factory-second items may show minor cosmetic blemishes or dents, but there will be no defects that affect performance. All items are final sale. Update: Shipping is now $5.95.

Oakley takes 70% off its men's sale apparel and accessories, with prices starting at $12. (Prices are as marked.) Plus, ... Read
more.

Updated: 3 days 2 hr ago

YouTube continues to offer a selection of HD movies to stream for free (with ads). That's tied with our mention from a month ago and around $3 to $5 less than you'd pay for a rental of these movies elsewhere. Movies include The Terminator (pictured), Europa Report, All Dogs Go to Heaven, and Zookeeper.

Duluth Trading Co. takes up to 40% off a selection of clearance styles and items, with prices starting from $3.99 $1.99. Shipping adds $6.99, or get free shipping on orders of $50 or more. (In-store pickup may also be available.) It's the first major clearance sale we've seen in over a year.

Proozy Outlet via eBay offers The North Face Men's Apex Risor Jacket in several colors (Urban Navy/Shady Blue pictured) for $59.99 $53.99 with free shipping. Although we saw it for $9 less last July, that's still the lowest price we could find today by $40, with most retailers charging around $150. It's available in select sizes from S to 3XL. Note: This item is new but may not include a tag.

Northern Tool take up to 70% off a range of tools, apparel, storage, automotive items, and more during its Inventory ... Read
more.

Updated: 8 hr 1 min ago

Southwest Airlines via DealBase discounts select Southwest Airlines 1-Way Fares Nationwide, with prices starting at $48.98. (On the DealBase landing page, click on "Southwest Airlines" in the top line to see this sale; we found lower fares within.) That's the lowest price we could find for select routes by at least $23. This price is valid for flights departing on February 5 from Burbank, CA, (BUR) with arrival in San Jose, CA, (SJC). Note that blackout dates and other conditions may apply. Book this travel deal by January 24 for travel from January 29 through May 22. All prices, dates, and booking details were valid at the time of publication.

PUMA via Rakuten continues to offer its PUMA Men's Drift Cat 5 Carbon Shoes in Gray or Black for $29.99. Coupon code "APPAREL20" cuts that to $23.99. With free shipping, that's tied with our mention from a week ago as the best deal we've seen. (It's the lowest price now by $12.) They're available in select sizes from 7 to 13. Deal ends January 21. Note: The coupon can be used once per account.

Udemy offers the Learn to Code with Ruby Course for $11.99. Coupon code "RUBYONE" makes it free. That's tied with our September mention as a savings of $200 off list price. It features over 30 hours of coding lectures.

Walmart offers the Gillette Limited Edition Mach3 Turbo Razor Gift Pack for $9.94. Opt for in-store pickup to dodge the $5.99 shipping fee. That's tied with our mention from two weeks ago and the lowest price we could find by $20 today. It features three blades, and fits all Mach3 blade refills.

Participating IHOP locations offer All-You-Can Eat-Pancakes for $4.99. That's the best deal we've seen on large quantities of pancakes. Click ... Read
more.

Updated: 2 weeks 1 day ago

32 Degrees continues to offer its 32 Degrees Women's Soft Stretch Down Packable Jacket in Light Grey for $29.99 with free shipping. That's tied with last week's mention, $100 off list, and the lowest price we could find. It's available in sizes M and L S to XL. Note: This item is final sale and cannot be returned or exchanged. Update: Apply coupon code "FREE" to yield free shipping.

Backcountry takes up to 60% off a selection of The North Face apparel, shoes, accessories, and gear. (Prices are as ... Read
more.

Updated: 4 days 6 hr ago

Udemy offers the Python Programming Bible Online Course for $9.99. Coupon code "FREECOUPON" makes it free. That's tied with our mention from two weeks ago, $200 off list, and the best price we could find. It includes lifetime access to over six hours of on-demand video and 13 articles.

GameStop offers the Arcade1Up 4-Foot Astroids Gaming Machine for $149.99 plus $12.99 for shipping. (The price drops in-cart.) That's $33 under with last month's mention and the lowest price we've seen. (It's the best price today by $136.) It features a 17" LCD screen and four games (Asteroids, Major Havoc, Lunar Lander, and Tempest).